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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, August 17, 2009, Vol. 12, No. 161

                            Headlines

A U S T R A L I A

AUSTRALIAN BIGHT: Call for Parliamentary Inquiry Rejected
BABCOCK & BROWN: Administrators Recommend to Liquidate Firm
GREAT SOUTHERN: Receives Up to AU$20 Million Offer from Pulpwood
LEHMAN BROTHERS: Creditors Given to Aug. 24 to File Proofs of Debt
PMP LIMITED: Posts AU$27.2 Million Net Loss in Year Ended June 30

TRIDENT PLASTICS: Creditors to Vote on Payment Scheme This Week


H O N G  K O N G

CARVEN ENTERPRISES: Court to Hear Wind-Up Petition on September 30
CITIC RESOURCES: Moody's Reviews Corporate Family Rating at 'Ba3'
FORTUNA CITY: Members' Final Meeting Set for September 8
FORTUNATE PRINTERS: Court to Hear Wind-Up Petition on September 16
GOLDEN JUMBO: Court to Hear Wind-Up Petition on September 16

GOLDEN GAIN: Court to Hear Wind-Up Petition on September 23
LAUREN'S WORKSHOP: Court to Hear Wind-Up Petition on September 16
PHOENIX GARMENT: Court to Hear Wind-Up Petition on September 30
PROSPERITY SILK: Court to Hear Wind-Up Petition on September 16
S.R. EARNEST: Court to Hear Wind-Up Petition on September 16

SCRIPT SECURITIZATION: S&P Puts 'BB+' Rating on Negative Watch
SOUDRONIC (FAR EAST): Members' Final Meeting Set for September 9


I N D I A

AIR INDIA: May Soon Get Gov't. Aid, Prime Minister Says
ALUDECOR LAMINATION: CRISIL Rates INR100 Mln Term Loan at 'BB+'
GUINDY MACHINE: CRISIL Puts 'BB-' Rating on INR127 Million LT Loan
JET AIRWAYS: Extends Payments on INR20 Billion Debt to Five Years
KEDIA CARBON: Low Net Worth Prompts CRISIL 'BB+' Ratings

LANCO ENERGY: CRISIL Reafffirms INR24BB LT Loan Rating at 'BB+'
MANNEY ENG'G.: Low Operating Profitability Cues ICRA 'LBB' Rating
NOSTRUM REMEDIES: Delays in Debt Servicing Cue ICRA 'LB+' Rating
P & G ENTERPRISES: CRISIL Assigns 'P4' Ratings on Various Loans
PARMANAND AND SONS: ICRA Puts 'LBB+' Rating on INR190MM Bank Lines

SINTECH PRECISION: ICRA Assigns 'LBB+' Rating on INR40 Mln Loans
UNITEX INTERNATIONAL: ICRA Places 'D' Rating on INR135MM Term Loan


I N D O N E S I A

FORD MOTOR: Ford Indonesia's Second Qtr Sales Down 29%
PT TRUBA: Fitch Affirms Issuer Default Ratings at 'B'


K O R E A

KIA MOTORS: Talks with Union over Pay Increase Resume
SSANGYONG MOTOR: Posts Seventh Quarterly Loss of KRW177 Billion


N E W  Z E A L A N D

MARAC FINANCE: S&P Downgrades Long-Term Rating to 'BB+'
SENSATION YACHTS: Liquidation Delays Outcome on Employment Dispute
SOUTH CANTERBURY: S&P Downgrades Long-Term Rating to 'BB+'
* NEW ZEALAND: Dairy Farmers Braces for Financial "Perfect Storm"
* NEW ZEALAND: Retail Sales Rise 1.1% in June 2009 Qtr


T A I W A N

WINBOND ELECTRONICS: Inks GDDR Licensing Deal with Qimonda


V I E T N A M

VIETNAM INTERNATIONAL: Moody's Confirms 'D-' Bank Strength Rating


X X X X X X X X

ESCADA AG: Commences Insolvency Proceeding in Munich


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A U S T R A L I A
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AUSTRALIAN BIGHT: Call for Parliamentary Inquiry Rejected
---------------------------------------------------------
The State Opposition is calling for a parliamentary inquiry into
aquaculture company Australian Bight Abalone, the Port Lincoln
Times reports.  The Company went into voluntary administration
last month.

The Lincoln Times relates Elliston residents have questioned for
years how the business was allowed to set up and operate in a
sensitive environmental area.

According to the Lincoln Times, acting Opposition Fisheries
Minister Mitch Williams said he agreed with colleague Adrian
Pederick who called for a select committee inquiry to shed some
light on a series of unanswered questions.

"It seems millions of investor dollars could be lost . . . and
there is a series of questions into the operation of the business
and its licenses, which I think the aquaculture industry would be
looking for answers to," the report quoted Mr. Williams as saying.

Mr. William said an inquiry would help clear the air for the
industry and save the same mistakes being made again.

However, the report says, State Fisheries Minister Paul Caica has
rejected the call for a select committee and said he was confident
that all transactions undertaken with respect to leases and
licences held by ABA had been in accordance with the Aquaculture
Act.

                             About ABA

Australian Bight Abalone -- http://australianbightabalone.com/--
is an aquaculture company based in Elliston, South Australia.

                           *     *     *

The Directors of Australian Bight Abalone called in McGrath Nicol
as voluntary administrators of the Company on July 2, 2009.
According to the Australian Food News, ABA said the issues
surrounding the industry, including the failure of two of the
largest companies in the sector, deteriorating general business
conditions, the last minute withdrawal of financiers from the
grower loan funding market and the subsequent reduction in
investment, had been the decisive factors in taking the decision
to move into voluntary administration.

CEO Andrew Ferguson had advised that the company would continue
trading while an acquirer was sought.


BABCOCK & BROWN: Administrators Recommend to Liquidate Firm
-----------------------------------------------------------
The voluntary administrators of Babcock & Brown Ltd. have
recommended the company be placed in liquidation, The Sydney
Morning Herald reports.

The report, citing voluntary administrator David Lombe of
Deloitte, says liquidation was the only option because no deed of
company arrangement had been proposed.

"Liquidation will allow us to investigate the matter in greater
depth, conduct public examinations and as a liquidator receive
increased powers to commence recovery actions," the Herald cited
Mr. Lombe as saying in a statement on Friday.

According to the Herald, the administrators wanted to:

   * investigate potential conflicts of interest between the
     boards of BBL and Babcock & Brown International Pty Ltd
     (BBIPL) -- the main operating and asset-owning entity
     within the BBL group -- and the possibility of inadequate
     disclosure regarding public offer documents;

   * review the risk management processes and policies in
     relation to the business model, and the overall solvency
     of the group at various points and associated issues; and

   * investigate the timings of impairments of assets.

Creditors will be asked to vote for liquidation at a second
meeting of creditors to be held in Sydney on August 24, the report
notes.

                       About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
(ASX:BNB) -- http://www.babcockbrown.com/-- is a global
alternative asset manager specializing in the origination and
management of asset in sectors, where the company has a franchise
and proven track record, and where there are opportunities to add
scale, infrastructure, air operating leasing and selected real
estate.  Babcock & Brown operates from 31 offices across
Australia, North America, Europe, Asia and the United Arab
Emirates.  The company has established a specialized funds and
asset management platform across the operating divisions that have
resulted in the establishment of a number of listed and unlisted
focused investment vehicles in areas, including real estate,
renewable energy and infrastructure.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in New
Zealand voted on March 13 against a special resolution to
restructure the terms of the notes.  Under the special resolution,
the company's equity and subordinated note holders won't receive
any return.  Babcock & Brown appointed David Lombe and Simon
Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators.

Babcock & Brown International Pty Ltd. is the holding company of
Babcock & Brown Limited.


GREAT SOUTHERN: Receives Up to AU$20 Million Offer from Pulpwood
----------------------------------------------------------------
Andrew Main at The Australian reported Friday that a group of
Perth-based investors has offered to put money into six of Great
Southern Ltd's bluegum plantation schemes.  The investors have
also identified a group prepared to stand up as the "Responsible
Entity" to manage the schemes, the Australian says.

The report relates that Gordon Martin, chairman of a local
chemical group, set up Pulpwood Plantations to put between AU$10
million and AU$20 million into the Great Southern schemes.

According to the report, Mr. Martin said that a group called
Primary Securities, which has experience with Managed Investment
Schemes and was independent of his organization, was willing to be
nominated as Responsible Entity to act as manager of the six
schemes, which appear to account for around half of Great
Southern's timber schemes.

Mr. Martin, as cited by The Australian, said his organization
would first require the support of 5% of the grower investors to
put his proposal to a vote by all the grower investors.

                        About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects.  The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment.  It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May.  The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units.  McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


LEHMAN BROTHERS: Creditors Given to Aug. 24 to File Proofs of Debt
------------------------------------------------------------------
N.G. Singleton, joint & several deed administrator of Lehman
Brothers Australia Limited (Subject to Deed of Company
Arrangement), in a legal notice dated August 3, 2009, discloses
that an interim dividend for Lehman Entity Creditors is to be
declared on Friday, September 18, 2009, for the Company.

Creditors whose debts or claims have not already been admitted are
required on or before August 24, 2009, to formally prove their
debts or claims.  If they do not, they will be excluded from the
benefit of the dividend.  An application has has been made under
Sections 440D, 444E, 445D, 447A,461, 467, 471B, 533 and 600A of
the Corporations Act 2001 in the Federal Court of Australia to
terminate or void the Deed of Company Arrangement.  Mr. Singleton
says this may result in a delay in respect of this dividend.

Mr. Singleton can be reached at:

     N.G. Singleton
     Joint & Several Deed Adminstrator
     PPB, Level 46, MLC Centre
     19 Martin Place
     Sydney NSW 2000
     Australia

As reported in the Troubled Company Reporter-Asia Pacific on
August 7, 2009, the Full Federal Court in Australia will convene a
hearing on the week of August 3, 2009, to hear an urgent
application filed by local councils against Lehman Brothers
Australia.  The application, according to The Australian, touches
on an untested area of corporations law that forms part of the
local councils' claim against Lehman Brothers Australia.

The local councils are trying to overturn a Deed of Company
Arrangement that was entered into in May 2009.  Creditors of
Lehman Brothers Australia voted in favor of the proposal, which
was filed by Lehman Brothers Asia Holdings, that will repay the
creditors more and avoids costly and time delays of litigation.

According to The Australian, the local councils' current
application will have implications for creditors of companies in
administration that want to pursue further legal action against
third parties over losses.

Under the Deed of Company Arrangement, the contingent creditors
are not allowed to sue third parties, like related Lehman
Brothers companies.  A key legal question is whether a DOCA can
include clauses that prevent a creditor from suing third parties
-- in this case the overseas Lehman entities, The Australian
pointed out.

The administrators of Lehman Brothers Australia estimate
$142.2 to $247.6 million will be distributed to all the creditors
including other Lehman units, the Herald Sun reported.  As part
of the DOCA, $43.5 million is set aside for councils and other
"contingent" creditors, which are owed $626.5 million, Australian
Business related.  Executives of Lehman Brothers Asia will
receive as much as $11 million, Brisbane Times said.

Councils, who voted against the plan, complained that the
proposed payments are too little and that they were given
"insufficient time" to consider the plan, Australian Business
said.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed $639 billion in assets and $613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
$1.75 billion.  Nomura Holdings Inc., the largest brokerage house
in Japan, purchased LBHI's operations in Europe for $2 dollars
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for $225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33
billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and its various
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)


PMP LIMITED: Posts AU$27.2 Million Net Loss in Year Ended June 30
------------------------------------------------------------------
PMP Limited posted a net loss of AU$27.2 million for the year
ended June 30, 2009, down from AU$78.9 million profit reported a
year earlier.

The Chairman, Graham Reaney, said the results reflect a turbulent
and unsatisfactory year for PMP, which has led to significant
changes to improve performance, including a new Chief Executive
Officer, a new executive leadership team and a transformation
program.

"These changes will position PMP competitively to deliver long-
term, stable growth once the market recovers.  However, the one-
off costs associated with transformation, combined with
a depressed print market, have necessarily dampened PMP's
financial results during 2008/9," Mr. Reaney said.

Net profit after tax (before significant items) decreased from
AU$46.6 million to AU$18.2 million.  EBT (before significant items
and after borrowing costs) was AU$25.7 million (which included a
borrowing cost mark-to-market increase of AU$8.7 million), reduced
from AU$65.8 million, while sales fell by 0.1% to AU$1.34 billion.

Significant items of AU$65.2 million were noted, including cash
costs of AU$28.8 million, largely due to redundancies and
restructuring costs.  The remaining AU$36.4 million in non-cash
costs relates largely to impairment of assets.

Despite this, the Group's balance sheet remains strong.  PMP ended
the year with net bank debt of AU$208.4 million, up from AU$199.6
million in June 2008 after a year that included acquiring the
Scribo business and large restructuring costs. On the back of
this, PMP's gearing ratio (debt:equity) increased slightly to
59.3% from 50.5% in the previous year, with interest cover
decreasing from 6.5 to 5.1 times.

During the year PMP bought back 4,009,386 shares at an average
price of 34.36 cents per share, for a total consideration of
AU$1,377,709.

PMP will not be declaring a final dividend for the year ended 30
June 2009.

                               Print

Commenting on operating performance, PMP CEO Mr. Richard Allely
said Print had a disappointing year, with revenues falling 3.9% to
AU$696.4 million after Print volumes declined significantly in the
fourth quarter.  "This, combined with substantial pressure on
pricing, led to EBIT falling 36.5% to AU$41.6 million."

However, following the implementation of a transformation plan,
which has taken costs of AU$26 million out of the business, he
believed Print's cost structure is now appropriate for the
new size and shape of the market.  "This new structure will allow
the business to both operate profitably in the current economic
conditions and to prosper when the market improves."

                           Distribution

PMP's letterbox distribution business also struggled, following
significant customer service issues, leading to a reduction in
market share. This resulted in EBIT declining 7.9% to AU$7.0
million compared to AU$7.6 million in the previous year.

Despite the division's poor results, Mr. Allely remains optimistic
about its long-term future.  "With the recent appointment of
Andrew Williams, Executive General Manager, PMP Distribution and
David Chesser, General Manager, PMP Distribution, the business now
has a strong leadership team.  Under this experienced new
management, the division is already making headway in repairing
customer relationships and restoring profitability," Mr. Allely
said.

                         Gordon and Gotch

Despite the difficult economic conditions and declining magazine
circulation, Gordon and Gotch held its own in the market.
Mr. Allely said the division's EBIT result fell 6.6% to AU$11.6
million, and was offset slightly by the 100% acquisition of The
Scribo Group Pty Limited in September 2008.

Mr. Allely sees the Scribo acquisition as an important investment.
"The acquisition introduces a new set of retailers to the Gordon
and Gotch network and complements its product range."

                       PMP Digital Premedia

Despite revenues falling by 18.0%, as customers reduced their
marketing spend, tight financial management enabled the Digital
Premedia business to largely protect its EBIT result, which
declined by only 2.1% to AU$7.2 million.

                            New Zealand

Mr. Allely said the continued negative growth in the New Zealand
economy had taken an inevitable toll on PMP New Zealand's
performance.  "Print and Distribution volumes were down on fiscal
2008, largely due to the stalled property market. Property
publication revenues affect 90% of the Maxum business, which
produces a range of media for the real estate industry."

                          Transformation

Mr. Allely said PMP was already well on its way to lifting
operating performance with a transformation plan that would
restore its reputation among staff, customers and the industry.

"Phase I of our transformation program, which was completed at
year end, saw significant cost cutting across the business. Phase
II began in July 2009, creating a low-cost, customer-focused
operating model focusing on improving earnings by making the
business substantially less complex."

                              Outlook

Mr. Allely said that, while the potential for revenue growth will
be limited in the year ahead, PMP will continue to optimize the
business and look for efficiency opportunities to deliver earnings
growth.

"Market conditions are expected to continue to be challenging
throughout 2010 . We will therefore continue to focus on re-
energising PMP as a lean, efficient, customer-focused print,
distribution and media services company."

Mr. Allely noted PMP's fundamental strengths, including -- a
strong balance sheet, a streamlined cost structure, well invested
physical assets and a highly experienced workforce.

"With a transformation agenda addressing supply chain management,
sales force alignment and manufacturing excellence, PMP is rapidly
improving its competitive position.  Beyond fiscal 2010, the Group
has enormous potential to generate good cash flows to pay down
debt and reward our shareholders."

Mr. Allely said PMP would be in a position to provide the market
with first half guidance at its Annual General Meeting in
November.

                         About PMP Limited

Australian-based PMP Limited (ASX:PMP) --
http://www.pmplimited.com.au/-- is engaged in commercial
printing, digital premedia and letterbox and magazine distribution
services.  It operates in the areas of data-driven market and
customer analytics, creative advertising solutions, premedia,
creative and photographic services, printing, letterbox and
magazine distribution through its Pacifi c MicroMarketing,
Pinpoint (NZ), PMP Maxum (NZ), PMP Digital, PMP Print, PMP
Distribution, Gordon & Gotch and Griffin Press businesses.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Standard & Poor's Ratings Services affirmed its
'BB+' long-term corporate credit rating on PMP Ltd. and revised
the outlook on the rating to negative from stable.  The outlook
revision reflects S&P's view of the increasingly challenging
market conditions for the Company and the Australian printing
sector.  At the same time, the 'BB+' rating on PMP's senior
unsecured bank facilities were affirmed.


TRIDENT PLASTICS: Creditors to Vote on Payment Scheme This Week
---------------------------------------------------------------
ABC News reported that the administrators of Trident Plastics (SA)
Pty Ltd offered the company's creditors a compromise.

According to the report, administrator John Morgan said the deal
would secure the business's ongoing viability, so that all
employees can be kept on.

"Directors have offered what they call a deed of company
arrangement to creditors, which means effectively what they're
offering is a compromise in return that the creditors accept less
than 100 cents per dollar," the report quoted Mr. Morgan as
saying.

"If it is accepted there's a number of conditions attached to it,
but effectively the business will continue to trade under a deed
of company arrangement and the control of the company's affairs
will effectively be handed back to directors with a deed
administrator administrating the arrangement that's been put in
place," Mr. Morgan said.

A meeting to vote on the proposal will be held this week, ABC News
notes.

Trident Tooling Pty Ltd and Trident Plastics (SA) Pty Ltd were
placed in voluntary administration on June 9, following the
liquidation of the group's Melbourne operations Active Plastic
Industries.  John Morgan of Rodgers Reidy was appointed as
administrator.

Trident Plastics (SA) Pty Ltd -- http://trident-industries.com/--
manufactures injection molded plastic components for the
Automotive, Air-conditioning and Waste Industries.  Trident
Plastics employs about 100 people at its Woodville plant while its
associate firm Trident Tooling employs about 50 people.


================
H O N G  K O N G
================


CARVEN ENTERPRISES: Court to Hear Wind-Up Petition on September 30
------------------------------------------------------------------
A petition to wind up the operations of Carven Enterprises Limited
will be heard before the High Court of Hong Kong on September 30,
2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 23, 2009.

The Petitioner's solicitors are:

          Gallant Y.T. Ho & Co.
          Jardine House, 5th Floor
          No. 1 Connaught Place
          Central, Hong Kong


CITIC RESOURCES: Moody's Reviews Corporate Family Rating at 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has put on review for possible downgrade
the Ba3 corporate family rating of CITIC Resources Holdings Ltd.,
and the Ba3 rating of the US$1 billion seven-year unsecured senior
notes issued by CITIC Resources Finance (2007) Ltd and guaranteed
by CITIC Resources.

"The rating action is in response to CITIC Resources' announcement
that it is likely to record a loss attributable to shareholders
for the first half of 2009, which is below Moody's previous
expectation of the company's performance," says Renee Lam, a
Moody's Vice President and Senior Analyst.

"Moody's is also concerned over CITIC Resources' ability to comply
with the interest coverage covenant under its US$280 million
syndicated facility, the first test of which will take place after
the first half 2009 results announcement," adds Lam.

The slower than expected ramp up in production at the Karazhanbas
oil field, together with the challenging global demand and price
conditions in various commodities segments, will instill continued
pressure on the company's profitability and cash flow.

Moody's review will focus on the company's 1) earnings and cash
flow generation ability in the next 12-18 months; 2) covenant
compliance; and 3) available liquidity sources.

The last rating action with respect to CITIC Resources was taken
on March 23, 2009, when it was downgraded to Ba3 with negative
outlook.

CITIC Resources, based in Hong Kong, is a natural resources and
energy investment holding company with interests in aluminium
smelting, coal, oil, manganese, and the import and export of
commodities.  The company serves as the principal natural
resources and energy arm of its parent, CITIC Group.


FORTUNA CITY: Members' Final Meeting Set for September 8
--------------------------------------------------------
The members of Fortuna City Limited will hold their final general
meeting on September 8, 2009, at 10:00 a.m., at Level 28 of Three
Pacific Place, in 1 Queen's Road East, Hong Kong.

At the meeting, Ying Hing Chiu and Yeung Betty Yuen, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


FORTUNATE PRINTERS: Court to Hear Wind-Up Petition on September 16
------------------------------------------------------------------
A petition to wind up the operations of Fortunate Printers Limited
will be heard before the High Court of Hong Kong on September 16,
2009, at 9:30 a.m.

Tam Kin Mo filed the petition against the company on July 15,
2009.


GOLDEN JUMBO: Court to Hear Wind-Up Petition on September 16
------------------------------------------------------------
A petition to wind up the operations of Golden Jumbo Thai
Restaurant Limited will be heard before the High Court of
Hong Kong on September 16, 2009, at 9:30 a.m.

Li Pui Yuk filed the petition against the company on July 13,
2009.


GOLDEN GAIN: Court to Hear Wind-Up Petition on September 23
-----------------------------------------------------------
A petition to wind up the operations of Golden Gain Hong Kong
Limited will be heard before the High Court of Hong Kong on
September 23, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 23, 2009.

The Petitioner's solicitors are:

          Chow, Griffiths & Chan
          South China Building, 6th Floor
          No. 1 Wyndham Street
          Central, Hong Kong


LAUREN'S WORKSHOP: Court to Hear Wind-Up Petition on September 16
-----------------------------------------------------------------
A petition to wind up the operations of Lauren's Workshop
Packaging Company Limited will be heard before the High Court of
Hong Kong on September 16, 2009, at 9:30 a.m.

Dah Sing Bank Limited filed the petition against the company on
July 13, 2009.

The Petitioner's solicitors are:

          Wilkinson & Grist
          Prince's Building, 6th Floor
          Chater Road, Central
          Hong Kong
          Telephone: 2524-6011
          Facsimile: 2520-2090


PHOENIX GARMENT: Court to Hear Wind-Up Petition on September 30
---------------------------------------------------------------
A petition to wind up the operations of Phoenix Garment
Enterprises Limited will be heard before the High Court of
Hong Kong on September 30, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 23, 2009.

The Petitioner's solicitors are:

          Gallant Y.T. Ho & Co.
          Jardine House, 5th Floor
          No. 1 Connaught Place
          Central, Hong Kong


PROSPERITY SILK: Court to Hear Wind-Up Petition on September 16
---------------------------------------------------------------
A petition to wind up the operations of Prosperity Silk & Fabric
Limited will be heard before the High Court of Hong Kong on
September 16, 2009, at 9:30 a.m.

Szeto Sau Man Gary filed the petition against the company on
July 8, 2009.

The Petitioner's solicitors are:

          Pansy Leung Tang & Chua
          Regent Centre, 21st Floor
          8 Queen's Road Central
          Hong Kong


S.R. EARNEST: Court to Hear Wind-Up Petition on September 16
------------------------------------------------------------
A petition to wind up the operations of S.R. Earnest Manufacturing
(Far East) Limited will be heard before the High Court of
Hong Kong on September 16, 2009, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on July 14, 2009.

The Petitioner's solicitors are:

          Messrs. Wat & Co.
          Chuang's Tower, 12th Floor
          Nos. 30-32 Connaught Road
          Central, Hong Kong

SCRIPT SECURITIZATION: S&P Puts 'BB+' Rating on Negative Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed the
rating on Class D of Southern Cross Series 2006-1 notes issued by
Script Securitisation Pty Ltd. on CreditWatch with negative
implications.

The rating on Class D was placed on CreditWatch because its
synthetic rate overcollateralization level fell below 100% in the
SROC analysis for end-July 2009.  This occurred following negative
rating migration in the underlying portfolio.

                  Script Securitization Pty Ltd.

  Deal Name               Rating To       Rating From   SROC
  ---------               ---------       -----------   ----
  Series 2006-1 Class D   BB+/Watch Neg   BB+           99.740%


SOUDRONIC (FAR EAST): Members' Final Meeting Set for September 9
----------------------------------------------------------------
The members of Soudronic (Far East) Limited will hold their final
general meeting on September 9, 2009, at 10:00 a.m., at the 20th
Floor of Prince's Building, in Central, Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


=========
I N D I A
=========


AIR INDIA: May Soon Get Gov't. Aid, Prime Minister Says
-------------------------------------------------------
The Times of India reports the government on Saturday said it
would take steps to solve soon the problems faced by ailing
national carrier Air India.

"We are giving careful attention to the problems of Air India and
will resolve them soon," the Times quoted Prime Minister Manmohan
Singh as saying in his Independence Day address.

According to the Times, the Prime Minister also said that schemes
relating to civil aviation being implemented in Jammu and Kashmir
and the North East "will be especially monitored".

The Times relates civil aviation Minister Praful Patel said the
mention of Air India in the speech reflected the high priority
being given by the government to help Air India come out of its
financial losses.

                         Reorganization Plan

Air India said it will create four business units, slash capacity
and pay debt to turn profitable in three years, Bloomberg News
reported on August 7.

According to Bloomberg, Air India Chairman and Managing Director
Arvind Jadhav said cargo, engineering services, ground handling
and airline operations will be separate divisions and the number
of employees will be "rationalized."

Citing Air India in a statement posted on its Web site, Bloomberg
stated that the focus in the first nine months of the
reorganization will be "survival."   The units will be started in
the next nine months and the carrier will aim to turn around in
the following 18 months and prepare for an initial public offer,
according to Bloomberg.

Mr. Jadhav said Air India will also return the aircraft that are
on lease.

Bloomberg quoted Mr. Jadhav as saying that "We've got into a cash-
flow problem.  We are unable to service our interest and debt
liabilities with our internal resources."  The cost-saving
measures will "be painful," Mr. Jadhav added.

As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., the
holding company for the carrier, was seeking INR14,000 crore in
equity infusion, soft loans and grants.  The TCR-AP reported on
June 19, 2009, that Air India has been bleeding due to excess
capacity, lower yield, a drop in passenger numbers, an increase in
fuel prices and the effects of the global slowdown.  Air India's
losses have almost doubled to over INR4,000 crore in 2008-09
(INR2,226 crore in 2007-08) and it does not have the money to foot
the INR350-crore monthly salary bill of its 31,500 employees,
according to the Hindustan Times.

The TCR-AP reported on July 10, 2009, that NACIL is working
overtime to prepare by the month-end a business plan and a
financial restructuring plan.  NACIL is also expected to come up
with plans for the next six months, 12 months and 18 months for
bringing in cost reduction and improving revenue generation.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes.  The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand.  The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.


ALUDECOR LAMINATION: CRISIL Rates INR100 Mln Term Loan at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Aludecor Lamination Private Limited.

   Facilities                           Ratings
   ----------                           --------
   INR100 Million Cash Credit Limits*   BB+/Stable (Assigned)
   INR100 Million Term Loan             BB+/Stable (Assigned)
   INR150 Million Letter of Credit/     P4 (Assigned)
                  Bank Guarantee@

  *Includes proposed amount of INR30 million
  @Includes proposed amount of INR52million

The ratings reflect Aludecor's exposure to risks relating to
intense competition in the aluminium composite panels business,
and working-capital-intensive operations. These weaknesses are,
however, partially offset by Aludecor's moderate business risk
profile, backed by prudent management policies and established
brand.

Outlook: Stable

CRISIL expects Aludecor to maintain a stable business risk profile
over the medium term, supported by its brand equity, and prudent
management policies. Significant improvement in cash accruals as a
result of better profitability and revenue growth may lead to a
revision in outlook to 'Positive'.  Conversely, large debt-funded
capital expenditure, or poor working capital management leading to
substantial short-term borrowings, may drive a revision in outlook
to 'Negative'.  Further delays in commissioning of the second ACP
plant may also have a negative bias on the rating.

                     About Aludecor Lamination

Aludecor, set up in 2002, manufactures ACPs and coated coils.  Its
manufacturing unit at Hardwar began operations in 2007, and has
capacity to manufacture 800,000 square metres of ACPs per month.
The capacity is to be doubled by end 2009-10 (refers to financial
year, April 1 to March 31).  Aludecor is one of the large
producers of ACPs in India.

Aludecor reported a profit after tax (PAT) of INR13.1 million on
net sales of INR594.6 million for 2008-09 (provisional), as
against a PAT of INR12.7 million on net sales of INR293.8 million
for 2007-08.


GUINDY MACHINE: CRISIL Puts 'BB-' Rating on INR127 Million LT Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the bank
facilities of Guindy Machine Tools Ltd.

   Facilities                          Ratings
   ----------                          --------
   INR127.00 Million Long Term Loan    BB-/Negative (Assigned)
   INR30.00 Million Cash Credit        BB-/Negative (Assigned)
   INR1.00 Million Letter of Credit    P4 (Assigned)
   INR0.50 Million Bank Guarantee      P4 (Assigned)

The ratings reflect pressure on GMTL's cash flows due to slowdown
in end user industry and intense competition in the fragmented
machine tools industry.  The ratings also factor in the
vulnerability of margins to increase in raw material prices and
GMTL's small scale of operations.  These rating weaknesses are,
however, partially offset by GMTL's proven track record in the
machine tools and casting business, and comfortable financial risk
profile.

CRISIL has consolidated the business and financial profiles of
GMTL and GMTL's wholly-owned subsidiary, GMT Metrology Pvt Ltd.
This is because of business and financial linkages between these
entities.

Outlook: Negative

CRISIL expects GMTL's credit risk profile to be impacted by
slowdown in offtake by end-user industries over the near to medium
term due to the ongoing global recessionary trends.  The rating
may be downgraded if GMTL's revenues or operating margins decline
more than expected resulting in lower accruals, or it takes on
substantial debt to fund future capital expenditure, thus
affecting its capital structure. Conversely, significant
improvement in financial risk profile, backed by healthy growth in
revenues and profitability may drive a revision in outlook to
'Stable'.

                       About Guindy Machine

Incorporated in 1959 by the late Mr. P Venkataraman, GMTL
manufactures chucks (holding devices in CNC lathe machines) and
casting products that find application in machine tools,
automobile and general engineering industries. It has a captive
foundry, heat treatment shop and testing laboratories in and
around Chennai.

GMTL reported a profit after tax (PAT) of INR39.82 million on net
sales of INR306.65 million for the year ended March 31, 2008, as
against a PAT of INR39.39 million on net sales of INR304.58
million for the year ended March 31, 2007.

                    About GMT Metrology Pvt Ltd

The company manufactures a range of granite and metrology
equipment and its factory is located in Hosur, TamilNadu.


JET AIRWAYS: Extends Payments on INR20 Billion Debt to Five Years
-----------------------------------------------------------------
Jet Airways (India) Ltd. has extended the schedule for repaying
INR20 billion (US$416 million) in debt as it grapples with a
slowdown in air travel world-wide, Dow Jones Newswires reports
citing a senior company executive.

The executive, who didn't wish to be named, told Dow Jones
Newswires that the carrier will be repaying INR2.5 billion this
year, compared with its earlier commitment of INR10 billion.

According to the report, the executive said the airline has
extended the repayment schedule for the INR20 billion debt to five
years from two years previously.  The loans were taken from Indian
banks in December and January, the executive told Dow Jones
Newswires.

"The same amount (INR2.5 billion) has to be paid next year,
followed by INR5 billion for three consecutive years after that,"
Dow Jones Newswires quoted the executive as saying.

Meanwhile, Dow Jones Newswires reports that the Jet executive also
said the company is in talks with several international carriers
to lease out five Boeing and Airbus planes.

                         About Jet Airways

Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business.  The
geographic segments of the company are domestic and international.
The company has a frequent flyer program named Jet Privilege
wherein the passengers who uses the services of the airline become
services of the airline become members of Jet Privilege and
accumulates miles to their credit.  The company's subsidiaries
include Jet Lite (India) Limited, Jetair Private Limited, Jet
Airways LLC, Trans Continental e Services Private Limited, Jet
Enterprises Private Limited, Jet Airways of India Inc., India
Jetairways Pty Limited and Jet Airways Europe Services N.V.  On
April 20, 2007, the company acquired Sahara Airlines Limited.

                           *     *     *

Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.


KEDIA CARBON: Low Net Worth Prompts CRISIL 'BB+' Ratings
--------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Kedia Carbon Pvt Ltd.

   Facilities                          Ratings
   ----------                          --------
   INR80 Million Cash Credit Limits   BB+/Stable (Assigned)
   INR30 Million Bank Guarantee       P4 (Assigned)

The ratings reflect KCPL's moderate financial risk profile, marked
by low net worth and moderate gearing and debt protection measures
(interest coverage and net cash accruals to total debt), and
exposure to risks relating to cyclicality in end-user industries.
These weaknesses are, however, partially offset by KCPL's average
business profile, backed by established relationships with
customers and suppliers.

Outlook: Stable

CRISIL believes that KCPL will maintain a stable business profile
over the medium term on the back of established relations with
suppliers and customers. Its financial risk profile may, however,
remain constrained by large working capital requirements.  The
outlook may be revised to 'Positive' if KCPL's profitability and
debt protection measures improve significantly.  Conversely, the
outlook may be revised to 'Negative' if KCPL's profitability
declines on account of pricing pressures from end-user industries,
or if the company undertakes large debt-funded capital
expenditure.

                        About Kedia Carbon

KCPL, incorporated by Mr. Mahesh Kumar Kedia and family,
manufactures coal tar pitch, and trades in its by-products such as
creosote oil and naphthalene.  The company's manufacturing
facilities at Rourkela (Orissa) have a coal tar distillation
capacity of 36,000 tonnes per annum (tpa).  The company proposes
to enhance its capacity to 96,000 tpa by 2010-11 (refers to
financial year, April 1 to March 31).

KCPL reported a profit after tax (PAT) of INR7 million on net
sales of INR550 million for 2008-09, as against a PAT of INR3
million on net sales of INR374 million for 2007-08.


LANCO ENERGY: CRISIL Reafffirms INR24BB LT Loan Rating at 'BB+'
---------------------------------------------------------------
CRISIL's rating on the term loan of Lanco Energy Pvt Ltd continues
to reflect LEPL's exposure to project risks on account of the
large scale and long commissioning period involved, weak financial
risk profile and risks relating to hydrology, single-site
concentration and weak counterparty, with Maharashtra State
Electricity Distribution Company Ltd  being its sole off-taker.
The impact of these weaknesses is mitigated by the support that
LEPL receives from its parent, Lanco Infratech Ltd, and by the
long-term, fixed-price nature of its power purchase agreement
(PPA) with MSEDCL, coupled with free water supply, which lends
stability to LEPL's revenue profile.

   Facility                           Rating
   --------                           ------
   INR24000 Million Long-Term Loan    BB+/Stable (Reaffirmed)

Outlook: Stable

The outlook reflects the significant project risk involved in the
500 megawatt (MW) hydroelectric (hydel) project, Teesta VI that
LEPL is currently in the process of commissioning. The outlook may
be revised to 'Positive' if LEPL commissions the project on time,
and without additional debt funding. Conversely, the outlook may
be revised to 'Negative' if there is significant delay in plant
commissioning, or if LEPL takes on more debt to fund cost overruns
of the project, if any.

                        About Lanco Energy

LEPL was incorporated in 2000.  The company is in the process of
commissioning a 500-MW (4X125 MW) hydel project, Teesta VI, on the
Teesta River in Sikkim.  The plant is likely to be commissioned in
2012-13.  The project, which is expected to cost INR30 billion, is
to be funded in a debt-to-equity ratio of 80:20; the debt
component has already been tied up. LEPL has entered into a 25-
year PPA with MSEDCL for sale of electricity at the rate of
INR2.32 per unit.


MANNEY ENG'G.: Low Operating Profitability Cues ICRA 'LBB' Rating
-----------------------------------------------------------------
ICRA has assigned LBB rating to the INR180 million bank lines of
Manney Engineering Private Limited.  The rating indicates
inadequate-credit-quality.

The rating takes into account MEPL's healthy growth in operating
income over the last five years and its ability to generate repeat
business from its existing customer base.  The rating is however
constrained by MEPL's low operating profitability, high gearing
levels, limited scope of operations, and its small scale of
operations leading to lower bargaining power against its customers
which has also resulted in relatively high level of debtors and
increased working capital requirements.

MEPL is engaged in manufacture and installation of telecom towers
including civil and electrical works.  Promoted by Mr. Manney
Subhramanyam the company was incorporated in 2004.

Manney Engineering Private Limited estimates an operating income
of INR972.5 million and profit after tax of INR19.9 million for
the Financial Year ending March 31, 2009.


NOSTRUM REMEDIES: Delays in Debt Servicing Cue ICRA 'LB+' Rating
----------------------------------------------------------------
ICRA has assigned LB+ rating to the INR196.6 million Fund Based
Facilities of Enem Nostrum Remedies Private Limited.  This is a
risk-prone-credit-quality rating assigned by ICRA.  ICRA has also
assigned A4 rating to the INR2.5 million Non Fund Based Facilities
of ENRPL.  This is the risk-prone-credit-quality rating assigned
by ICRA to the short term debt instruments.

The assigned ratings of ENRPL take into account the recent delays
in debt servicing and reschedulement of debt repayments on account
of its stretched liquidity profile.  ENRPL generates more than 95%
of its revenues from a single customer which is a loss making and
financially weak entity.  This coupled with ENRPL's small scale of
operations has resulted in high customer concentration and is
reflected in ENRPL's receivables which have exceeded its revenues
for last three years.  The ratings however draw some comfort from
ENRPL's R&D capabilities, robust revenue growth and profitability
indicators and comfortable capital structure and coverage
indicators. Going forward any improvement in credit profile of
ENRPL will remain contingent on its single largest customer's
performance.

                        About Enem Nostrum

Established in 2000, Enem Nostrum Remedies Private Limited is
primarily engaged in providing research and development services
for pharmaceutical formulations development. The company is DSIR
(Department of Scientific and Industrial Research, India)
recognized and is focused on formulation research in the area of
Novel Drug Delivery Systems (NDDS) for oral solid dosage forms.

Apart from R&D of pharmaceutical formulations, the company has
also commenced Active Pharmaceutical Ingredients (API) development
and synthesis along with discovery of new drug molecule through
its division called Kemxtree Research and Development Division.
ENRPL has research agreement with Nostrum Pharmaceuticals LLC
(NPL), USA (a group company) for R&D of formulations whereby NPL
identifies generic products based on molecules which are in the
off-patent list and places order to ENRPL for research and
development of formulations.  Dr. Nirmal Mulye is the Chairman of
ENRPL and also holds 86% stake in NPL.

As per the FY09 provisional results, ENRPL recorded a profit after
tax (PAT) of INR81.9 million on an operating income of INR202.0
million.


P & G ENTERPRISES: CRISIL Assigns 'P4' Ratings on Various Loans
---------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of P
& G Enterprises Pvt Ltd.

   Facilities                               Ratings
   ----------                               --------
   INR150.0 Million Export Packing Credit   P4 (Assigned)
   INR70.0 Million Bill Discounting         P4 (Assigned)
   INR16.0 Million Letter of Credit         P4 (Assigned)

The rating reflects PGEPL's weak financial risk profile marked by
large working capital requirements, small scale of operations in
leather garment export industry, and small net worth.  The impact
of the rating weaknesses are mitigated by PGEPL's established
track record in leather garments export segment and its strong
relationships with its clientele.

                      About P & G Enterprises

Incorporated in 1989, PGEPL is an export oriented unit,
manufacturing and exporting leather garments and home furnishing
products.  About 90 per cent of the company's revenue comes from
the garments segment and the balance from home furnishings. The
company's plants situated in Manesar (Haryana) and Okhla (Delhi)
have a combined capacity of manufacturing 2000 garments per day.
PGEPL also has its own tanneries in South India, where it
processes raw leather.

PGEPL is expected to report a profit after tax (PAT) of INR5.3
million on net sales of INR485 million for the year ended
March 31, 2009, as against a PAT of INR4.2 million on net sales of
INR326 million for the year ended March 31, 2008.


PARMANAND AND SONS: ICRA Puts 'LBB+' Rating on INR190MM Bank Lines
------------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR190 million bank lines
of Parmanand and Sons Food Products Private Limited.  The rating
indicates inadequate-credit-quality in the long term.

The rating takes into account the company's long track record in
the pulses production business, its experienced management, well
established distribution network and its diversified customer
profile.  The rating is however constrained by the highly
competitive and fragmented nature of the pulses industry, the
moderate profitability of the company, its relatively high gearing
and negative cash flow from operations.

Parmanand and Sons is a private limited company engaged in the
production and sale of food products - besan (chana flour), chana
dal and moong dal.  The business was started in 1973 by Mr.
Parmanand and his three sons (Mr. Nawal Kishore Mittal, Mr.
Mahabir Mittal and Mr. Krishan Kumar Mittal) who migrated from
Haryana. The shareholding is completely held by the promoters and
the family members.  The company has four production units, all
based out of Lawrence Road Industrial Area, Delhi.


SINTECH PRECISION: ICRA Assigns 'LBB+' Rating on INR40 Mln Loans
----------------------------------------------------------------
ICRA has assigned an LBB+ rating to INR40 million fund based
limits of Sintech Precision Products Limited, indicating
inadequate-credit-quality.  ICRA has also assigned A4+ rating, to
INR15 million non fund based limits of Sintech, indicating risk-
prone-credit-quality in the short term.

The rating takes into account the promoters long experience in the
pumps business and the strong customer base of the company. The
rating is however constrained by the small size of operations of
the company and intense competition from both the organized and
the unorganized sector, which has also been reflected in below
average margins.  The rating also takes into account the
concentration risks arising out of its major dependence on sugar
industry, which exposes it to risks of downturn in this industry.
This has already been reflected in pressures on turnover in FY
2008 and FY 2009.  The rating is also constrained by the high
financial risk of the company arising out of the high gearing
levels, low profitability, negative cash flows (cash accruals
adjusted for working capital changes) and stretched liquidity
position of the company.

                     About Sintech Precision

Established in 1986 by Mr. N.C. Dhingra, Sintech Precision
Products Ltd is an Industrial Pump manufacturing company located
in Ghaziabad.  Sintech Precision Products Ltd is an ISO 9001:2000
certified company and supplies the pumps majorly to sugar
companies but now the company has been diversifying its presence
in other sectors also like Paper & Pulp, Steel, Mining, Power
Generation, Irrigation, Food Products, Pharmaceuticals, and Fire
Fighting & Refrigeration System etc.  Sintech Precision Products
Ltd.  Manufactures and sells Positive and Centrifugal Pumps for
application related to fluid transportation.  The pumps are made
in various materials of construction to suit diverse customer
needs.  The range of pumps includes High Chrome Pumps and Torque
Flow.  The services provided by Sintech are consultation,
installation and commissioning of pumps and related equipment and
after sales services, which include spare parts also.  In FY08
Sintech made PAT of INR1.2 Millions against the operating income
of INR132.30 Millions.


UNITEX INTERNATIONAL: ICRA Places 'D' Rating on INR135MM Term Loan
------------------------------------------------------------------
ICRA has assigned LD rating, indicating lowest-credit-quality, to
the INR135 million term loans of Unitex International Private
Limited.  ICRA has also assigned A5 rating, indicating lowest-
credit-quality in the short term, to the INR45 million fund based
limits and the INR35 million non-fund based limits of UIPL.

The ratings reflect the continued delay by UIPL over the last one
year (since June 30, 2008) in repayment of its term loan
obligations, and the significant delays in interest servicing on
account of weak liquidity.  The Company has severe pressure on
liquidity position (driven by inadequate accruals as against
significant debt-funded capital expenditure on start-up
operations) as manifested in high utilization/ overdrawing in its
bank lines, devolvement of letters of credit and irregularity in
debt servicing.  The Company obtained approval in February 2009
for deferment of term loan installments due in 2008-09, with
retrospective effect from June 2008.

                    About Unitex International

Promoted in 2006 as a joint venture between Mr. P.K. Radhakrishnan
and his wife Ms. V.K. Prabhalakshmi (the Indian promoters, holding
55 per cent equity stake), and Mr. Toshio Noguchi and Mr. Toshiya
Suzuki (the foreign promoters, holding 45 per cent equity stake),
UIPL is a closely-managed business engaged in the manufacture
(sewing) of readymade garments, predominantly in the woven
segment.  The Company has its manufacturing facilities at Chennai
with estimated capacities of 2.5 million garments (pieces of
shirts) per annum.

UIPL commenced commercial production in May 2008.  The Company
primarily caters for garment exports to various brands/ marketers
in the United States, Europe and Japan.  Direct exports formed
around 50 per cent of the Company's revenues in its first year of
operations, with contract work undertaken for garmenting
contributing to the rest. UIPL reported a loss of INR28.9 million
on an operating income of INR77.7 million in 2008-09 (Unaudited).


=================
I N D O N E S I A
=================


FORD MOTOR: Ford Indonesia's Second Qtr Sales Down 29%
------------------------------------------------------
The Jakarta Globe reports PT Ford Motor Indonesia president
director Will Angove said second quarter sales fell 29% compared
with the year-earlier period, in line with the general slump in
the global automotive industry.

According to the report, the company sold 1,091 vehicles in the
second quarter, which with the 1,345 units sold in the first
quarter, brought total sales this year through July to 2,436.

"While our unit sales slowed, our market share increased from 1.1
percent in the first quarter to 1.16 percent in the second
quarter," the Globe quoted Mr. Angove as saying.

The Globe says Ford's new Ranger pickup notched the highest sales,
accounting for 721 of Ford's sales, with the latest model of the
Everest SUV in second at 235.

Mr. Angove also said the company planned to expand its dealerships
from 32 to 35 by the end of the year.

                          About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring to
achieve the same UAW concessions that General Motors and Chrysler
are likely to achieve as a result of the recently-approved
government bailout loans.  Such a balance sheet restructuring
would likely entail a loss for bond holders and would be viewed by
Moody's as a distressed exchange and consequently treated as a
default for analytic purposes.


PT TRUBA: Fitch Affirms Issuer Default Ratings at 'B'
-----------------------------------------------------
Fitch has downgraded PT Truba Alam Manunggal Engineering Tbk's
National Long-term rating to 'BBB(idn) from 'BBB+(idn)', and
affirmed the Long-term foreign currency and local currency Issuer
Default Ratings at 'B'.  The ratings Outlook has been revised to
Negative from Stable.  Simultaneously, Fitch has withdrawn the
ratings and will no longer provide rating or analytical coverage
of this issuer.

The downgrades and Negative Outlook reflects Fitch's concern over
TAME's liquidity, which is expected to be tight as cash flows
generated from the construction segment -- the main contribution
to TAME's overall revenue -- have been relatively weak.

Furthermore, the company appears to be using its cash on hand to
partially fund its various ongoing commitments as reflected with
the lower cash balance of IDR313.6 billion at end-March 2009 from
IDR1.21 trillion at end-March 2008.  Fitch notes that with
significant project pipelines requiring financing, any delay in
securing long-term funding and/or on execution delays of TAME's
existing projects could weaken its liquidity and affect its credit
profile.


=========
K O R E A
=========


KIA MOTORS: Talks with Union over Pay Increase Resume
-----------------------------------------------------
Kia Motors Corp. said Friday it will resume negotiations with its
union later in the day to narrow their differences over pay raises
and other issues, according to Yonhap News Agency.

The news agency relates that unionized workers launched a strike
on August 11 to demand higher wages and better working conditions,
saying Kia workers may lay down their tools for four hours every
day through Aug. 31 if their demands are not met.

According to the report, Kia Motors said the ongoing strike could
cost up to KRW1 trillion (US$810 million) in lost production.
Previous strikes that started late last month have already cost
KRW500 billion in lost production, Yonhap relates.

Kia and its union, the report notes, have failed to narrow their
differences after a series of wage negotiations since May.

Yonhap states that the union is demanding that Kia raise its
monthly basic salary by 5.5% and offer a 200%.  The automaker is
pushing for a wage freeze, however, citing unfavorable market
conditions.

                         About Kia Motors

Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer.  The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses.  The Company
also offers concept vehicles and automobile parts.  The Company's
products are distributed in both domestic and overseas markets.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 23,
2009, that Moody's Investors Service downgraded Kia Motors Corp's
issuer rating to Ba1 from Baa3 and withdrawn the rating.  At the
same time, Moody's has assigned a Ba1 Corporate Family Rating to
KMC.  The rating outlook is negative.  This concludes Moody's
review for downgrade initiated on January 21, 2009.


SSANGYONG MOTOR: Posts Seventh Quarterly Loss of KRW177 Billion
---------------------------------------------------------------
Ssangyong Motor Co. posted a seventh consecutive quarterly loss in
the second quarter due mainly to a plunge in sales and months-long
strike, Yonhap News Agency reported Friday.

Citing Ssangyong's regulatory filing, the news agency relates that
the carmaker reported a net loss of KRW177 billion in the three
months ended June 30, 2009.  Sales plunged 66% on-year to
KRW222 billion, and operating loss increased 15% to KRW27.4
billion won.

In the first half of the year, net loss reached KRW443 billion.
Sales also plunged 66% to KRW455 billion with operating loss
totaling KRW153 billion won, according to the filing cited by
Yonhap.

Vehicle sales by Ssangyong for the first six months of this year,
dived 73.9% from the same period last year to KRW13,020 units.

Ssangyong's vehicle sales in June plunged 97.1% from a year ago.
The company sold only 217 cars in June, with domestic sales
plummeting 91.3% to 197 units and exports plunging 96.7% to 20
units, the Troubled Company Reporter-Asia Pacific reported July 2.

The TCR-AP said Jan. 12, 2009, that Ssangyong filed for
receivership with the Seoul Central District Court to stave off a
complete collapse.  On Feb. 6, 2009, the TCR-AP reported the Seoul
Central District Court accepted Ssangyong's application to
rehabilitate under court protection.  The court named former
Hyundai Motor Co. executive Lee Yoo-il and Ssangyong executive
Park Young-tae to run the automaker.

The TCR-AP, citing The Auto Channel, reported on May 25, 2009,
that a South Korean court approved Ssangyong Motor's restructuring
plan.  The Auto Channel said the court confirmed a Samil
PricewaterhouseCoopers assessment that the manufacturer had a
greater value as a going concern than its liquidated value,
and ordered Ssangyong to submit its full restructuring plan by
mid-September.

Unionized workers at Ssangyong Motor launched on May 22 a full
strike against the company's massive job-cut plan as part of a
restructuring plan.  Ssangyong won permission to enter bankruptcy
protection in return for conducting restructuring that calls for
36 percent of its workforce, or 2,646 employees, to be cut,
according to The Korea Herald.  Since then, some 1,670 workers
have left the company through voluntary retirement, while the
remaining 976 workers have gone on strike, the Herald said.

A TCR-AP report on Aug. 7 said that Ssangyong Motor reached an
agreement with its union on job cuts, ending displaced workers'
takeover of the company's main factory.  Court-ordered trustee Lee
Yoo-il said the two sides agreed to slash 52% of the 976 striking
workers while the rest will be put on unpaid leave.

                      About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs).  The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius.  It also
provides automobile parts such as coolers, diesel engines and
others.


====================
N E W  Z E A L A N D
====================


MARAC FINANCE: S&P Downgrades Long-Term Rating to 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term rating on New Zealand finance company MARAC Finance Ltd.
to 'BB+' from 'BBB-'.  At the same time, the short-term rating was
lowered to 'B' from 'A-3'.  The outlook was revised to negative
from stable.  The negative outlook implies a one-in-three
likelihood of a rating downgrade within the next two years.

"The downgrade reflects S&P's view that MARAC's credit profile has
weakened because of the greater-than-expected deterioration in the
company's asset quality over recent months within the property
development sector," Standard & Poor's credit analyst Derryl
D'silva said.  "In S&P's view, this deterioration is outside S&P's
tolerances of the 'BBB-' rating and has occurred in the context of
a weak industry environment, where the prospects are for further
growth in non-performing assets given the continued softening in
the New Zealand economy.  The property development sector is
currently experiencing very low business confidence and faces
reduced investor demand and limited refinancing options."

We, however, consider that the response of MARAC's shareholder
Pyne Gould Corporation (not rated) supports MARAC's credit
quality, which is to absorb much of the expected losses on MARAC's
property development loan book, and recapitalize MARAC in the near
term.  PGC's plan is to purchase from MARAC impaired or likely to
be impaired property loan assets of about NZ$160 million at face
value.  As a result, MARAC will have limited residual exposure to
the higher-risk property development sector.  Additionally, MARAC
intends to cease lending on property development.

S&P retains its view that MARAC is one of the stronger finance
companies in New Zealand, despite the company's recent asset-
quality pressures.  Other factors that remain supportive of the
rating include MARAC's sound business profile, underpinned by its
market position as one of the largest domestically owned finance
companies in New Zealand.  Also supporting the rating is MARAC's
sound funding and liquidity positions, and its parent's financial
flexibility as a public listed company.

Mr.  D'silva added: "The negative outlook reflects the ongoing
pressure on MARAC's financial profile, as continued challenging
domestic economic conditions are expected to put further pressure
on the company's asset quality.  In addition, if PGC's plans to
absorb the loan-related losses and raise sufficient capital are
not executed successfully, the ratings are likely to be lowered.
Conversely, if MARAC is able to contend with negative pressures
on its credit profile in prevailing difficult market conditions,
the outlook could be revised to stable."


SENSATION YACHTS: Liquidation Delays Outcome on Employment Dispute
------------------------------------------------------------------
Tony Stickley and Kelly Gregor at The National Business Review
report that an employment dispute between Sensation Yachts and its
former managing director Paul Sills could be delayed indefinitely
because the company is now in liquidation.

Mr. Sills told NBR that the state of the employment dispute hang
in the balance and it was not clear whether the receivers
Sensation Yachts owner Ivan Erceg appointed last week would take
over the case or not.

According to the report, Mr. Sills claims he is owed around
NZ$89,000 in unpaid expenses from Sensation Yachts, that he was
unfairly dismissed from his job as MD and that Mr. Erceg is in
breach of contract.

Mr. Sills would not comment on his current dealings with Sensation
Yachts or its director Ivan Erceg for fear of further retribution,
the report relates.

NBR says Mr. Erceg has also taken legal action against Mr. Sills
for allegedly breaching his obligations as a director, as well as
engaging in misleading conduct and misusing confidential
information.

Sensation Yachts, says NBR, claims that Mr. Sills used information
that was disclosed to him as legal counsel and MD against the
company, this is in particular reference to an article that
appeared in a Sunday newspaper claiming, "Sensation Yachts is on
the rocks."

According to NBR, the company has filed claims to the value of
NZ$20 million in damages for alleged false representation by
Mr. Sills, including:

   -- damages incurred as a result of the news story on the
      company's financial situation; and

   -- damages for misleading behaviour under the Fair Trading
      Act that led to further losses for Sensation Yachts.

The outcome of this case will also be delayed by the liquidation
process, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 5, 2009, the High Court at Auckland appointed Peri Finnigan
at McDonald Vague as liquidator of the company after creditor
Public Trust filed an application to liquidate the company.

On Aug 11, 2009, the TCR-AP reported that Sensation Yachts owner
Ivan Erceg appointed Peter Jollands as the receiver for the
company.

Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour.  The company also owned a small shipyard at Newcastle in
Australia, which it sold last year when Mr. Erceg announced plans
to move operations to Singapore, according to the Sunday Star
Times.


SOUTH CANTERBURY: S&P Downgrades Long-Term Rating to 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term rating on South Canterbury Finance Ltd. to 'BB+' from
'BBB-'.  The rating outlook is negative.  At the same time, the
short-term rating was also lowered to 'B' from 'A-3'.  The ratings
were also removed from CreditWatch with negative implications,
where they were placed on July 7, 2009.  The negative outlook
implies a one-in-three likelihood of a rating downgrade within the
next 12 months.

"The downgrade reflects S&P's view that SCF's credit profile has
weakened because of asset quality pressures within the New Zealand
property development sector," Standard & Poor's credit analyst
Derryl D'silva said.  In S&P's view, this deterioration is outside
its tolerances of the 'BBB-' rating and has occurred amid a weak
industry environment, where the potential for lending losses is
exacerbated by the softening trends in the New Zealand economy.
The property development sector is currently experiencing very low
business confidence and faces reduced investor demand and limited
refinancing options.  With this downgrade, a rating trigger on
SCF's US$100 million private-placement facility may be invoked.
Private placement investors have an option to review their funding
support for SCF after the downgrade, which if it resulted in a
requirement to repay the facility, has the potential to
exacerbate SCF's already modest liquidity position.

Mr.  D'silva added: "The removal from CreditWatch negative is
based on S&P's view that SCF's primary shareholder, Mr.  Allan
Hubbard, will remain committed to providing timely support to SCF
if required." SCF is on track to executing its proposed
underwriting agreement, which is expected to be used as security
for any additional impaired loans.  Management remains focused on
steadily reducing SCF's related-party exposures, although a
significant reduction is not expected in the near term.

Despite these challenges, it is S&P's view that SCF is one of the
stronger finance companies in New Zealand.  The ratings remain
supported by SCF's market position as one of the largest
domestically owned finance companies in New Zealand.  The market
position is underpinned by SCF's sound business profile and the
broad geographic coverage of its operations.  In addition, SCF's
funding profile is reasonably diversified, comprising debentures,
bonds, preference shares, bank lines, and the U.S. private
placement facility.

The negative outlook reflects the near-term pressures on SCF's
financial profile.  In S&P's opinion, continued challenging
domestic economic conditions are placing pressure on SCF's asset
quality with a heightened risk of additional credit losses
expected in the short-to-medium term.  If SCF's underwriting
agreement with its major shareholder is not executed successfully,
the ratings could be lowered to reflect diminution in key
shareholder support.  The ratings may also be lowered by one or
more notches should SCF fail to address pressures concerning its
liquidity.  Conversely, if SCF were able to overcome these
challenges and significantly reduce its related-party exposures,
negative pressure may be alleviated and the outlook revised to
stable.


* NEW ZEALAND: Dairy Farmers Braces for Financial "Perfect Storm"
-----------------------------------------------------------------
The Sydney Morning Herald reported that finance experts have
warned that heavily indebted New Zealand dairy farmers face a
financial "perfect storm" and many could go under.

According to the Herald, dairy farms are especially vulnerable as
farmers face falling commodity prices, increased costs and some
farm asset values had dropped by 30 to 40 per cent.

PricewaterhouseCoopers partner Roger Wilson told The Press that
there were a lot of stressed farmers running significant cash
deficits this year, the Herald related.

The report said Mr. Wilson warned there could be an "avalanche" of
dairy farm foreclosures in autumn if things did not improve.

The report further said Mr. Wilson warned proposed international
banking recommendations, requiring banks to impose rigorous
capital and risk management policies, would create a "perfect
storm" for financially stressed farmers.

"It will affect the whole country, but the primary sector in
particular," the report quoted Mr. Wilson as saying.

Mr. Wilson, however, said the medium to long-term farming outlook
was good.
According to the Herald, PricewaterhouseCoopers Christchurch
partner Malcolm Hollis said closures in the finance sector had
been replaced by closures in the building and property industry in
the past year.

Liquidators were working in the hospitality and tourism sector and
expected more work in the farming and dairy sector, the report
added.


* NEW ZEALAND: Retail Sales Rise 1.1% in June 2009 Qtr
------------------------------------------------------
The value of seasonally adjusted total retail sales rose 1.1%
(NZ$174 million) in the June 2009 quarter, the country's
statistics agency said.  This is the first increase in quarterly
sales since the March 2008 quarter and follows a fall of 1.4% last
quarter.  The volume of sales was also up in the latest quarter
(by 0.4%), the first rise since September 2007, following a fall
last quarter of 2.7%, according to Statistics New Zealand.

Core retailing, which excludes the vehicle-related industries,
also increased in both the value (up 1.1% or NZ$129 million) and
volume (up just 0.2%) of seasonally adjusted sales. For both core
and total retail, the value increased more than the volume
implying that prices also rose.

The biggest contributors to the increase in sales values were
supermarket and grocery stores (up 2.3% or NZ$86 million) and
motor vehicle retailing (up 3.0% or NZ$47 million).  The increase
in motor vehicle retailing sales was the first since the September
2007 quarter.  However, the value of motor vehicle retailing sales
in the latest quarter remains at about the same quarterly level as
in 2001, approximately NZ$1.6 billion.

The biggest contributors to the increase in sales volumes were
appliance retailing (up 3.1%) and automotive fuel retailing (up
2.8%).  The 'other retailing' industry, which includes antique and
used goods, garden supplies, flowers, and jewellery retailing, had
the biggest offsetting decreases in both the value and volume of
sales.

The trend in total retail sales value fell 2.4% between the June
2008 and March 2009 quarters.  Latest figures suggest that this
decline may have stopped as the June 2009 quarter shows only a
slight movement, up 0.1%.  The trend in the volume of sales is
continuing to fall, as it has done since the June 2007 quarter.

Regionally, the value of seasonally adjusted sales in the
June 2009 quarter were down in Wellington and Canterbury and up in
other regions.

In the June 2009 month, seasonally adjusted total retail sales
were flat, rising just 0.1% (NZ$6 million).  Core retailing fell
0.4% (NZ$15 million), but this was more than offset by rises in
the four vehicle-related industries.  The biggest fall in the June
2009 month was in clothing and softgoods (down 9.1% or NZ$21
million) following a 12.7% increase in the previous month.


===========
T A I W A N
===========


WINBOND ELECTRONICS: Inks GDDR Licensing Deal with Qimonda
----------------------------------------------------------
Winbond Electronics Corporation has entered into a license and
sale and purchase agreement regarding Graphics Double Data Rate, a
5th addendum to the know how transfer and license agreement, and a
settlement agreement for insolvency proceedings with the
insolvency administrator of Qimonda AG.

Under the agreements, Winbond acquires licenses under patents,
know how and software from Qimonda to design, develop, manufacture
and sell Graphic DRAM products.  The parties also agreed to extend
the licensing scope under the existing license agreement.  Both
parties reached agreement on their respective claims available
under the Qimonda insolvency proceedings.

Winbond reported a net loss of NT$7.36 billion for the year ended
Dec. 31, 2008, compared net loss of NT$5.81 billion for the year
ended Dec. 31, 2007.  The consolidated revenue from January to
December of 2008 totaled NT$21.82 billion, down 22% when compared
with NT$32.10 billion over the same period in 2007.

In the second quarter ended June 30, 2009, Winbond reported a net
loss of NT$2.75 billion, compared with a net loss of NT$82 million
recorded in the period in 2008.

                          About Qimonda

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business --  approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.

Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009.

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR filed for Chapter 11 before the Delaware
bankruptcy court on February 20 (Bankr. D. Del. Lead Case No. 09-
10589).  Mark D. Collins, Esq., at Richards Layton & Finger PA,
has been tapped as counsel.  Roberta A. DeAngelis, the United
States Trustee for Region 3, appointed seven creditors to serve on
an official committee of unsecured creditors.  Jones Day and Ashby
& Geddes represent the Committee.  In its bankruptcy petition,
Qimonda estimated assets and debts of more than US$1 billion.

On June 15, 2009, QAG filed a petition for relief under Chapter 15
of the Bankruptcy Code (Bankr. E.D. Virginia Case No. 09-14766).

                         About Winbond

Winbond Electronics Corp. -- http://www.winbond.com/hq/cht/-- is
principally engaged in the research, development, design,
manufacture and sale of integrated circuits (ICs), as well as the
provision of after-sale services.  The Company primarily provides
dynamic random access memory (DRAM) products, non-DRAM memory
products, NOR Flash memory products, computer logic ICs and
consuming logic ICs.  During the year ended December 31, 2007, the
Company obtained approximately 65% and 26% of its total revenue
from DRAM products and logic products, respectively.  The Company
distributes its products in Asia, the Americas and Europe.


=============
V I E T N A M
=============


VIETNAM INTERNATIONAL: Moody's Confirms 'D-' Bank Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has confirmed the D- Bank Financial
Strength Rating of Vietnam International Bank with a stable
outlook.  VIB's Ba3/Not-Prime local currency deposit and issuer
ratings, as well as foreign currency issuer ratings, and B1/Not-
Prime foreign currency deposit ratings remain unaffected.

This rating action concludes the review for possible downgrade
that Moody's initiated on May 27, 2009.  The review was originally
prompted by concerns over the bank's profitability, capital levels
and overall credit worthiness under the deteriorating operating
conditions in Vietnam.

"Moody's confirmation of VIB's D- BFSR is based upon its stand-
alone financial strength, as supported by its core earnings
generation, adequate liquidity and credit risk management, as well
as modest capital adequacy," says Karolyn Seet, a Moody's
AVP/Analyst.

"The bank's franchise also benefits from modest risk-weighted
capitalization that supports its ability to remain profitable
within a more challenging operating environment.  In addition,
VIB's franchise potential and financial metrics continue to
position the bank within its rating category relative to its D-
rated regional and global peers," adds Seet, also Moody's lead
analyst for the bank.

Based on VIB's unpublished 1H2009 financials, Moody's notes the
year-on-year growth in the bank's credit and profitability
streams, while its liquidity and capital adequacy remain
satisfactory.  Its asset quality has deteriorated slightly, but
remains better than the system average.

"VIB's capital is sufficient to protect creditors under Moody's
anticipated stress scenario.  But, higher than anticipated loan
losses or continued double-digit loan growth, could stretch
capital thin.  Key factors in maintaining the bank's ratings will
be dependent upon the quality and permanence of capital
instruments injected into the bank, and the effectiveness of VIB's
risk management systems in preventing new problem loans from
arising, while maintaining adequate profitability." says Seet.

Moody's note that, given the stress on its loan books from the
global recession, VIB is taking steps to boost its capital
further.  The bank plans to raise its chartered capital to VND 3
trillion by the end of 2009, thereby at least maintaining its Tier
1 capital ratio of 10.5% as reported at end-2008.

VIB's future loan loss outlook is supported by the relatively good
quality of its borrowers but is constrained by high single-party
exposure concentrations, which it is actively working to reduce.

The review of VIB's BFSR was prompted by Moody's recalibration of
banks' stand-alone ratings, through (a) using scenario analysis to
estimate losses on banks' risk assets; and (b) placing increased
weight on capital and future earnings prospects.  The details of
this approach are described in Moody's Special Comment,
"Calibrating Bank Ratings in the Context of the Global Financial
Crisis", published in February 2009.

A tie-up between VIB and a well-qualified institution could lead
to upward pressure on the former's qualitative ratings, depending
on the rating and profile of the ultimate buyer and potential
changes in business strategy.

On the other hand, negative rating pressure on the bank's ratings
could emerge if no acceptable strategic partner was found, thereby
damaging the long-term health of VIB's franchise.  Any tie-up with
a strategic partner would have to be of sufficient financial
strength and strong reputation to be acceptable to the State Bank
of Vietnam.

Negative ratings pressure could also emerge if the bank's core
profitability were to decline such that it weakened its financial
flexibility and capital growth, or if a riskier business strategy
were to be adopted, whether or not VIB ties up with a strategic
partner.

VIB's stable ratings outlook is predicated on the bank meeting
future refinancing needs with steady cash generation from its
credit portfolio and successful capital injection from its
shareholders by the end of 2009.  Furthermore, Moody's would
expect to see a capital ratio well in excess of the targeted 8% --
primarily composed of Tier 1 capital -- to provide adequate
coverage for both developing market risks and VIB's anticipated
high growth rate.

Moody's does not incorporate any probability of systemic support
into VIB's deposit ratings, which are therefore based on its
stand-alone creditworthiness, measured by its BFSR of D- and
Baseline Credit Assessment of Ba3.

On August 3, 2009, VIB's local currency long-term deposit and
issuer ratings, as well as its foreign currency long-term issuer
rating, were downgraded to Ba3 from Ba2.  The rating actions
partially concluded Moody's review initiated on May 27, 2009, when
the issuer and deposit ratings of the four Moody's-rated
Vietnamese banks, and VIB's BFSR, were placed on review for
possible downgrade.

VIB, headquartered in Hanoi, had total assets of VND35 trillion as
of the end of 2008.


===============
X X X X X X X X
===============


ESCADA AG: Commences Insolvency Proceeding in Munich
----------------------------------------------------
Following a combination of sharp declines in sales over the past
two years, weakened demand for luxury goods as a result of the
global financial crisis and unsuccessful efforts to restructure
its indebtedness out-of-court, Escada AG filed on August 13 a
petition to commence an insolvency proceeding in Munich District
Court, Germany on August 13, 2009, in order to continue operations
and effect a restructuring of the Escada Group businesses either
through an insolvency plan under German insolvency law or by a
structured sales process of Escada Group's assets.

Dr. jur. Christian Gerloff, appointed by the Munich Court as
preliminary insolvency administrator, said following a meeting
with Escada's board of management, said, "My first impression is
that ESCADA AG is very well prepared for insolvency proceedings.
From today's perspective these careful preparations would suggest
that there are chances to maintain the going concern."

In order to alleviate disruption to the ESCADA business as a
result of the insolvency filing of Escada AG, and as part of the
implementation of the Escada Group global restructuring and
investor process, Escada USA determined to file the Chapter 11
case.

The Chapter 11 petition filed in the U.S. Bankruptcy Court for the
Southern District of New York, in Manhattan, listed US$50 million
to US$100 million in assets and US$100 million to US$500 million
in debts.

A document attached to a Court filing said that Escada US had
total assets of US$61,702,500 against total debts of US$82,398,500
as of July 2009.  The debts do not include the EUR200,000,000 in
senior notes issued by Escada AG and EUR13,000,000 owed by Escada
AG to Bayerische Hypo-und Vereinsbank-led lenders.  The senior
notes and the bank debt are guaranteed by subsidiaries, including
Escada US.

In Escada US's list of 20 largest unsecured creditors, the three
largest were Bank of New York Mellon Corp., as indenture trustee
for the senior notes, with its EUR200,000,000 (US$285.7 million)
claim on account of the guaranty, Bayerische Hypo-und Vereinsbank
AG EUR13,000,000 (US$18.4 million) on account of the bank debt
guaranty, and the U.S. Customs and Border Protection with its
US$13,711,000 trade claim.  A copy of Escada US's Chapter 11
petition and list of largest unsecured creditors is available for
free at http://bankrupt.com/misc/sdny09-15008.pdf

The meeting of creditors of Escada US pursuant to Section 341 of
the Bankruptcy Code has been scheduled for Thursday, September 24,
2009 at 3:00 p.m. (EST).  All creditors are invited, but not
required, to attend.  This Meeting of Creditors offers the one
opportunity in a bankruptcy proceeding for creditors to question a
responsible office of the Debtor under oath about the company's
financial affairs and operations that would be of interest to the
general body of creditors.

Within the next 30 days, Escada US expects cash receipts to be
US$6,082,058 and cash disbursements at US$7,068,562 for a net cash
deficit of US$986,504.  Escada US expects to pay employees a total
of US$726,000 and officers a total of US$156,000 within the next
30 days.

                       Road to Bankruptcy

ESCADA Group suffered a net loss of approximately US$130 million
in the six months ended April 30, 2009, and a net loss of
US$99.5 million in the fiscal year ended October 31, 2008, Escada
US suffered a net loss of approximately US$22.6 million in the six
months ended April 30, 2009, and a net loss of US$23.97 million in
the fiscal year ended October 31, 2008.

These losses were due primarily to the sharp declines in sales of
the Escada Group's products over the past two years, due in part
to lower than expected market acceptance of the Escada Group's
collections in recent fiscal years and weaker demand for luxury
apparel resulting from the deep recession in the Escada Group's
key markets.

In December 2008, Escada Group launched a restructuring plan
involved in refocusing operations on the ESCADA brand, reducing
costs and improving the liquidity position for the Escada Group.
In addition, other measures to improve liquidity were taken
generating a total of approximately EUR42 million (US$60 million)
in cash, including sales of property owned by Escada AG and
certain subsidiaries, the amendment of Escada US's lease for its
flagship store on New York's Fifth Avenue, the sale of certain
receivables of ESCADA AG and the sale of certain trademarks and
future receivables.

As a material part of the restructuring effort to decrease
indebtedness and increase liquidity, in June 2009, Escada AG
launched an offer to exchange EUR200 million in senior notes for
(a) 10% Senior Secured Cash-Pay Notes due 2014, (b) 17.5% Senior
Secured PIK Notes due 2016, (c) 10 shares of Escada AG per
approximately EUR1,000 (US$1,416) of debt tendered and (d) certain
cash consideration.  The exchange offer expired August 11, 2009
with Escada AG failing to obtain the minimum tender condition of
at least 80% of the aggregate principal amount of senior notes.
This derailed a plan to obtain to issue new shares to raise at
least EUR29 million, and a Dec. 31, 2009 extension to a
EUR13 million existing guarantee facility.

As reported in the Troubled Company Reporter-Europe on Aug. 12,
2009, Bloomberg News said only 46% of bondholders backed the
offer, short of the target of 80%.  Without their backing, Escada,
as cited by Bloomberg, said it won't win support from UniCredit
SpA unit for a EUR13-million loan and can't introduce a capital
increase of at least EUR29 million already backed by the company's
main shareholders.

Escada follows German companies including 128-year-old retailer
Arcandor AG and porcelain maker Rosenthal AG into bankruptcy.
More than 2,200 workers are affected by the collapse of what was
once the world's largest maker of women's fashion, says Bloomberg
News.

                       About Escada AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009 the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.


                         *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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